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Metropolitan Median Area Prices and Affordability

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Inventory increased and metro market prices rose at a slower pace in the fourth quarter of 2018. The national median existing single-family home price in the quarter was $257,600, up 4.0 percent from the fourth quarter of 2017 ($247,800). Lawrence Yun, NAR chief economist, says in light of the various hurdles for 2018, the close of the fourth quarter was promising.

The next quarterly Metropolitan Median Area Prices and Affordability and Housing Affordability Index release will be Tuesday, May 14, 2019, at 10:00 a.m. Eastern Time.

NAR’s quarterly Metropolitan Median Area Prices and Affordability report provides a breakdown of condo and co-op prices by metro market.

Metro Area Construction and Employment

NAR measured the amount of new home construction relative to the number of newly employed workers in 146 metropolitan statistical areas1 (MSAs) throughout the U.S. to determine whether homebuilding has kept up with the steadily improving pace of job growth in the past three years2. The findings reveal that homebuilding activity for all housing types is underperforming in roughly two-thirds of measured metro areas.

1Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at: http://www.census.gov/population/estimates/metro-city/List4.txt.

2NAR’s study analyzed homebuilding permits and employment data during the years of 2012 through 2014.

Metro Area Median Price Index data are provided by NAR solely for use as a reference. No part of the data may be reproduced, stored in a retrieval system, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without NAR's prior written consent for those who are not members of NAR.